Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the follow

Question

Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended January 31, 2016:

Prepare a retained earnings statement for the fiscal year ended January 31, 2016. Refer to the lists of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Enter all amounts as positive numbers. The word “Less” is not required.

In CengageNOW, a Label is a text entry that does not have an amount associated with it.

In CengageNOW, an Amount Description is a text entry other than an Account that has an amount associated with it.

Retained earnings, January 31, 2016

Prepare a retained earnings statement for the fiscal year ended January 31, 2016. Refer to the lists of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Enter all amounts as positive numbers. The word “Less” is not required.

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SUMTER PUMPS CORPORATION

Retained Earnings Statement

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Solution

SUMTER PUMPS CORPORATION

Retained Earnings Statement

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Retained earnings, February 1, 2015 $60,583,000 Net income 7,466,000 Cash dividends declared 1,001,000 Stock dividends declared 2,607,000

Explanation / Answer

Sumter Pumps Corporation Retained Earnings Statement For the Year Ended January 31, 2016 Particulars Amount Opening Balance as on Feb. 1, 2015                   60,583,000 Decrease in retained earnings Dividends Declared: Cash Dividends                   (1,001,000) Stcok Dividends                   (2,607,000) Increase in retained earnings Net income                     7,466,000 Retained earnings, January 31, 2016                   64,441,000

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